It is said that old is gold. In fact, old gold has now become a golden opportunity for Indian families. With the increase in the price of the precious metal, the Indian youth is now using it to fulfill various goals. Gold received as an inheritance is no longer an emotional burden. Instead of saving it for a lifetime, the youth is using it to achieve their life goals.
The Patil couple from Mumbai can be taken as an example here. They had kept their heavy anklet set, a wedding necklace and other jewelry in a bank locker for a long time. Although they had some memories of these jewelry, the realistic Patil couple decided to sell these gold jewelry. They had a big goal in mind. To buy their first house in Navi Mumbai. With these jewelry, the couple was able to save about Rs 20 lakh. This decision had an immediate positive effect on them. Their monthly home loan installments were reduced by about Rs 20,000. With this, they had more usable funds. They are now going on a weekly vacation to Lonavala every month with this money.
It is not just the Patil couple, young people in India are using the gold they inherit to achieve their goals. Instead of throwing away gold idly, they are investing it in buying a house, studying abroad and other areas. Muthoot Exim CEO KU Shah says that the youth are looking to achieve milestones. For them, old gold is no longer an emotional burden. Instead of saving it for life, the Indian youth is using it to achieve their life goals.
For some Indians, selling old gold jewelry and buying a house is a priority. Some people are using old gold jewelry to meet their financial needs. Some are using old gold jewelry for higher education and some are using old gold for business or other investment purposes. And some are exchanging old gold for new designer jewelry that suits their lifestyle.
Rajiv Popli, Director, Popli Group, says, “Today’s youth are focusing on how to invest their inherited gold instead of throwing it away in a locker. They are realistic and do not hesitate to use it towards achieving various goals, leaving emotions aside. According to Popli, more than 1 lakh tonnes of gold is lying in Indian lockers. Only a small part of it has been reprocessed. A young consumer from Bengaluru has invested in a diversified equity portfolio using old gold he inherited.
Tanishtha Arora, a 31-year-old doctor from Delhi, says, “We cannot wear the heavy gold jewellery of our grandparents and mothers every day. It is better to use it elsewhere instead of throwing it away from generation to generation. Instead of throwing it away in a locker, these can be exchanged for gold biscuits and coins. Similarly, a family from Bengaluru has collected Rs 80 lakh by exchanging old gold lying in lockers. Through this, they sent their son to study in America. They have invested some of the remaining funds in their food processing business. The price of gold per 10 grams is now close to Rs 1.60 lakh. In such a situation, exchanging old gold is playing a major role in achieving life goals.
